Roy Croft

[Josh Crumb 🆔++ @JoshCrumb]

Exactly. Are we overvalued? Will we grow OI with 18mo runway and tons of things coming together after 8 years? Run your valuation and cast your lots in the market.

But accuse me of criminal fraud in an 8am market manipulation report full of lies and misstated basic facts, I’ll burn down your entire network down in principle as a little side quest in building smarter markers.

[Josh Crumb 🆔++ @JoshCrumb]

..and ISV logic controls (you think TT/Trayport/CQG systems etc let someone make wash trade entires?!) …and our mandated market surveillance system data
…and the controls of heavily regulated FCMs which is the only way to trade, ..and institutional trade desk compliance (only institutional investors with compliance trade through regulated FCMs and global ISVs on our exchange).

It’s like these morons traded an offshore crypto exchange once or something and think that the first clearinghouse regulated in over a decade, with execs in the business at the top levels for decades (or its regulator or FCMs/ISVs) has no idea what they’re doing or can somehow wash trades or turn on and off trade volumes even if they wanted to.

The whole thing is so idiotic, so easily falsifiable, so illogical, only a desperate stock manipulator plays this hand (and only moron CIOs can’t do the mental cycles to think a regulated exchange and clearinghouse with these resumes and this ecosystem needs to justify the demanded response from a stock manipulator)

[Roy Croft @FrontierAT4]

@annvandersteel @JoshCrumb Enjoy the ride Ann!

[Watson @thewatsonview]

Took me about 4 hours to write. Hope I gave some justice to the misrepresentation of Abaxx in the report.

$ABXX.TO

[Watson @thewatsonview]

A couple thoughts going into the weekend before I log off (unless something juicy appears). $ABXX.TO

- Abaxx closed almost 5% higher since shorts starting throwing the best they had at it. Most of which was misfactual, duplicative, and highly deceptive.

- I have never seen so many accounts appearing out of nowhere claiming to have no position in the stock be so combative. Odd...

- Involving the MAS only made the situation worse for shorts as MAS already had all of Abaxx's exchange activity. Be careful when claiming "fraud" while posting materially wrong information (with hopes of profiting) and then sending that evidence to a government body who takes their laws very seriously.

- There was ~1.5 million shorts before the report. We should see an update soon as to how many covered on this report. Which is the typical strategy. They have a week or so until we/they find out the real numbers. Maybe in the group chats they will spend the weekend consoling each other they didn't cover yet? Someone will be left holding the illiquid short.

- Speaking of which, Abaxx is very illiquid so there is limited options outside of illiquid warrants (which may or may not be still available) to manage their infinite short risk.

- This report has made me more bullish then ever as with all their digging (in places even I didn't think to look) they mostly couldn't find anything that we already didn't know.

Have a great weekend!

[Roy Croft @FrontierAT4]

@thewatsonview We all here along for the ride. Found Rick he was hanging out back

[Sherlock @thesherlockview]

https://t.co/6nhiouZuAN

[Shackleton @endurancetest]

@viceroyresearch and other $ABXX shorts seem singularly focused on today's trading metrics, but that misses the broader investment case entirely.

As @chamath said on the All-In panel:

"That theme of you rebuild it in the modern era and you unbundle the incumbent, that has a lot of legs. And in a regulated market, that has a ton of legs."

That's exactly what Abaxx is attempting.

For decades, exchanges like ICE and CME have benefited from regulated markets and powerful network effects, but they're also classic incumbents: legacy technology, high fees, and business models built in a different era.

The question isn't whether Abaxx's volumes or OI today are large enough. The question is whether a modern exchange and clearing platform can capture meaningful market share in commodities that are becoming increasingly global, complex, and digitized.

If FMX can challenge CME in rates, why is it impossible to imagine a next-generation exchange challenging incumbents in energy, PM, and environmental markets?

Most investors are analyzing Abaxx as if it's a quarterly earnings story. This is an infrastructure story. The value is in the network being built, the products being launched, the clearing relationships being established, and the ecosystem that could exist years from now.

We're still extremely early. Outside of a small group of commodity and energy specialists, barely anyone in the broader North American tech and growth investing community is even aware of $ABXX.

This story isn't in the ninth inning. It's still in the first.

https://t.co/G5w6tvSWPT

[Scotty @scotty24287]

Viceroy’s Abaxx piece "happened" to be released as the share price hits the 200 DMA.

It inflates burn, misreads basic futures microstructure, & leans on scare-language where the evidence is weakest.

If you publish a hit piece, at least get the filings & basic facts right. 🧵

[Trayport @Trayport]

We're looking forward to joining tomorrow's LNG Benchmark Forum!

Hosted by Abaxx Exchange & Arjun Global, this exclusive event brings together LNG leaders and energy traders to discuss global gas market evolutions. Book here: https://t.co/0X8txmHYHY

#LNG #EnergyTrading

[Roy Croft @FrontierAT4]

@JoshCrumb @marcuzzi_n @thewatsonview @Bprivateers69 So we lost the guy holding the drill. It happens.

[🎼🌺Music Love♥️ @ThoNg676733]

Prince: Can I play my guitar?

Who the hell has the right to say no?

[Robert Friedland @robert_ivanhoe]

A must-watch interview between Jeff Currie and Mario Nawfal. The interview is a master's degree in modern history, through the lens of energy. Energy explains far more of modern and future politics than most people realize.

Take an hour and watch the full interview: https://t.co/ups2J3ztqx
@CommodMkt @MarioNawfal

[Josh Crumb 🆔++ @JoshCrumb]

China is happening. Three FCMs in the works. And if you think India made a difference, now we’re talking about the largest metal trading market in the world (and key emerging LNG players as well). Anyone still looking at Abaxx as a “wait and see” doesn’t understand this team, this opportunity, and that we are simply in the blocking-and-tackling stage to significant growth for years to come.

[Watson @thewatsonview]

Abaxx’s $ABXX.TO first million in trading revenue took 159 trading days.

Then it took 35 trading days for the second million, then 24 for the third. Now today, just 17 trading days later for the 4th million!

Only a matter of time until it is measured in hours.

[Ivanhoe Mines @IvanhoeMines_]

Ivanhoe Mines Reports Kipushi Mine Produced a Record 25,677 Tonnes of Zinc in May
Full release: https://t.co/6CaqQ7DkRh
$IVN

[zerohedge @zerohedge]

HSBC Warns Of Commodity "Super-Squeeze" As Goldman Hikes Copper Forecasts https://t.co/Nwp1qbeYCS

[Abaxx Exchange @abaxx_exchange]

Abaxx Exchange Reports Record May 2026 Trading Volume, Including Record LNG Activity

Abaxx GOM and NPA LNG futures volume reached over 40% of global JKM futures volume during the month, while GKS and LCS also reached new highs.

[Roy Croft @FrontierAT4]

@thewatsonview The true Benchmark for physically delivered LNG. It makes sense.

[Josh Crumb 🆔++ @JoshCrumb]

The last few years were a bit frustrating with our primary listing being in Canada, to say the least. I was looking forward to the stage of revenue growth and scale for potentially focusing our listing efforts in the US where there is a deep “market infrastructure” category and comps (Canada is mainly just TMX, which has a somewhat different business model given the dominance of equities and data service rather than commodity futures and tech). I’ve been disappointed in the lack of respect and forward looking vision of the Canadian banks and street who fund drill holes 10yrs before revenue, but couldn’t see the market infrastructure we were building and derisking every year, particularly given the importance of #commodities price discovery and risk managment an exchange brings to all the producers and upstream infrastructure developers Canada finances.

That all said, we believe we still can and should build a Canadian 🇨🇦 champion. One day sitting side by side the TMX Group even as a sector comp.

Sure, we will/are looking at other secondary listings like 🇺🇸 and 🇸🇬, but given that Canada is an important neutral supplier of the energy, critical metals and other raw materials the world needs, as well as one of the most underrated global leaders in #FinancialTechnology and #AI (albeit an unfortunate exporter of a lot of that human capital), we will keep developing our company in Canadian capital markets as a home listing.

Much like our own business developing, Canada is a slow and conservative place at the core of their capital markets; even this recent raise was dominated by major US headquartered house hold name institutions and a major financial family office, and we just didn’t get it over the line of some of the major Canadian long-term funds, but we still believe Canada can serve us well at scale one day (particularly as we list commodity contracts even more directly vital to the Canadian economy and we think every major bank and globally respected pension funds etc will need to own us and work with us when we’re a bit more matures and at a more derisked stage of our growth).